GBM Auction Partners with Polygon Labs to Bring Bid-to-Earn Auctions to Polygon Native NFT Projects
The team here at GBM is very proud to announce our new partnership with Polygon Labs.
Ready for your NFT drops on Polygon to get a whole lot better? GBM auctions are now optimized for Polygon — helping make non-fungible token (NFT) drops work better for all the parties involved.
How, you ask?
Polygon Labs partnered with us because we focus on helping everyone win.
Our innovative auction system is pioneering the new Bid-To-Earn meta: we actually reward you for participating in auctions! Every time you bid, the GBM™ formula calculates how much money you’ll earn if you’re outbid. Every bidder that gets outbid then earns an incentive, with the seller receiving what’s left in the pot.
GBM makes auctions a lot fairer and more enjoyable for everyone involved. Bidders earn even if they don’t win the item, and sellers benefit from better price discovery due to the increased bidding activity that our Bid-To-Earn system naturally generates.
Now — in partnership with Polygon Labs — NFT, gaming, and Metaverse projects on Polygon can take advantage of GBM’s smart contracts specifically designed for the network instead of building an auction mechanism from scratch.
This partnership comes after Aavegotchi, one of Polygon’s biggest NFT gaming protocols, has successfully incorporated GBM into its offering since 2021. Aavegotchi saw a 158% increase in revenue since introducing GBM into their drops, compared to their fixed-price drop method. Aavegotchi has also recently integrated GBM into their secondary market, letting any owner list their assets for sale using GBM auctions.
GBM also provides extensive in-house expertise around auction game theory, key data analytics for every drop, and important insights & access to new GBM™ features as they roll out.
Also, GBM’s positive feedback loop Bid-to-Earn system gets to the market price much quicker than any other auction mechanism, as the higher your bid is compared to the previous one, the higher the reward you get if outbid. This encourages participants to bid fast and bid high.
We look forward to helping Polygon projects sell out their NFT drops, generate more organic buzz, and build up secondary market volume whilst retaining (or increasing) prices. We also give the communities in the space that take part a much more enjoyable, fair, and profitable experience every time they participate in one of our unique auctions.
Covering this initial stage, and giving projects an early boost, gives them a much bigger chance to be successful in the future and focus on reinvesting in themselves and their holders.
If you want to implement GBM into your next auction, you can find out more here.
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